Helped by Coldplay’s World of the Spheres Tour, Singapore hotels saw healthy performance growth, according to preliminary January data.
January 2024 (year-over-year % change):
- Occupancy: 72.8% (+9.6%)
- Average daily rate (ADR): SGD334.46 (+3.3%)
- Revenue per available room (RevPAR): SGD243.55 (+13.2%)
Singapore posted its highest daily occupancy levels toward the end of the month, helped by six Coldplay performances that took place between 23-31 January.
The market’s highest occupancy levels (91.3%) were seen on Thursday, 25 January, and Friday, 26 January.
The market is expected to see another wave of high occupancy levels with Taylor Swift’s Eras Tour taking place 2-4 and 7-9 March.
Forward STAR data shows occupancy on the books already as high as 72% on opening night.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit www.str.com
